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Lost another house :(

Backstory -I came in second place on a house at auction :( and have been looking for another place ever since.  I'm limited to mainly short-sales and foreclosures (or the one with the roof missing from a recent tree hitting it) due to my budget

Then I found short sale I really really like and I've been going back and forth with a bank all week.  We are 20G apart and they wont come down any more. I don't think it's worth the extra 20G (emotionally I do as I love the house/location) but financially it isn't worth it considering all the houses have been coming steadily down in price over the last couple of years from an overpriced peak and it needs some work.  It was abandoned in the middle of the night - they left behind all their belongings (which have since been removed) and needs new carpet everywhere, screens are all missing/torn, appliances may not function, some doorknobs are missing, there is a punch hole in the wall! some siding needs repair, porch railings are broken etc (and there is question as to whether the sunroom/addition has sunk a little - I'd have the inspection verify that before actually buying it but the others issues I was taking it as-is)

The killer is that, even with the banks lowest offer - it is still priced higher, per square foot then two other turn key houses around the corner (which is out of my price as it's larger/more expensive)

So I stepped away from countering any higher today :(

Finger's crossed the bank will reconsider after the holiday and accept my offer afterall

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Re: Lost another house :(

  • Have you considered skipping the auctions and just finding short sales with listing agencies or bank owned? I am still under contract and this started in Aug but should be finishing up within the next month or two. I got a $200k for $125k. The only thing holding mine up is that the guy had 2 mortgages on it and defaulted on both. He had to approve it and each lender had to approve it before it could go in to underwriting with a closing date.
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  • jaks - Yes, that is what I am doing (there was only one via auction)  -Good luck on your closing!
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  • Buy my house, then we'll both be happy. You'll have one and I won't! lol
  • I'm sorry, but I'm sure when you find the one that is meant to be and is absolutely perfect you will be glad that these ones have fallen through.
    "You cannot protect yourself from sadness without protecting yourself from happiness."
  • imagekjewell:
    I'm sorry, but I'm sure when you find the one that is meant to be and is absolutely perfect you will be glad that these ones have fallen through.

    This is exactly what I was thinking.  And trust me, I hate it when people say that to me .. "it wasn't meant to be" blehhh!  But I do in fact believe in that saying.  Sorry you're having a rough time.  I'm sure you'll find one soon that will turn out in your favor.. it HAS to! Smile

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